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Fin Min Ocampo Speaks Following $5.76 Billion Tax Reform Proposal

COLOMBIA
  • New government proposes $5.76 billion tax reform to Congress - Reuters
  • [Reuters] - Colombia's new leftist government on Monday formally proposed a tax reform bill to lawmakers which would raise some 25 trillion pesos ($5.76 billion) in 2023 in an effort to increase revenue to fund anti-poverty programs.
  • Finance Minister Jose Antonio Ocampo said the bill would eventually add some $11.53 billion annually to government coffers, with revenue gradually climbing as parts of the legislation come into force.
  • The funds, raised by levying more charges on high-earning individuals and commodities, will be directed toward an ambitious agenda of social programs -- including anti-hunger efforts, free public universities and aid for elderly people without pensions.
    • Individuals who earn more than COP10m a month will face higher levies, and those that earn less will be unaffected. (BBG)
    • Proposes to raise tax on overseas shareholders, individuals or companies, to 20% from 10%. (BBG)
  • Today, Finance Minister Jose Antonio Ocampo speaks in a conference organized by Corficolombiana about the economic challenges the new government faces.
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